The property division process is a contentious one that can make divorce a very difficult experience. One of the assets that some couples often have to decide what to do with is the marital home. This is often the largest asset the couple has. Deciding what to do with the home is something that takes a lot of thought.
According to the Family Law Act, which governs property division in Ontario, the marital home must be divided between spouses when they divorce. There are a two main ways to do this. One spouse can remain in the home and buy out the other spouse or the house can be sold and the profit split.
It isn't always possible for one spouse to buy out the other one, so that would mean that you and your ex would have to sell the home and divide the profit that remains after all applicable costs related to the home are paid.
The exception to the equal division of the marital home is when there is a premarital agreement in place. In that case, the agreement would be followed. While it is rare, it is also possible for the court to determine that dividing the marital home is unfair.
There are often other considerations that will affect the property division process. Understanding all of the factors that come into the picture can help you to determine what assets you should hold firm on your position and what assets you can negotiate about. Of course, if you turn to the court to divide the property, you won't have much of a say in how things are divided.
Source: Ottawa Business Journal, "Real Estate Today: When Divorce Rocks the Matrimonial Home," Marnie Bennett, Sep. 26, 2016